The use of artificial intelligence risks undermining trust in the financial services sector, says the Chartered Institute for Securities & Investment and the Association of Chartered Certified Accountants.
A new report by the duo, AI Monitor: Shining a light on AI’s ethical threats for finance professionals, found that without improved skills, stronger governance and aligned policies, the industry risks losing the trust on which it is built.
The report said that AI is already embedded across work and life, making its ethical implications “unavoidable” and poses “specific risks” for finance professionals.
It said AI literacy is essential to combine technical understanding with ethical judgement and called for alignment across individuals, organisations and policymakers.
The report also sets out practical considerations for the profession, calling on individuals to strengthen their awareness of ethical dilemmas when using AI, supported by practical checklists to guide decisions.
The trade bodies urged organisations to create governance frameworks, set the right leadership tone and foster a culture that enables professionals to exercise judgement responsibly. For policymakers, the priority is to work with professional bodies to align regulations, reduce fragmentation and manage systemic risks.
Helen Brand, chief executive of ACCA, said: “Ethical threats from AI are here, they are no longer theoretical. While AI is reshaping the way finance professionals work, it does not change the foundations of our profession: the fundamental principles of integrity, objectivity, professional competence, confidentiality and professional behaviour.
“These principles equip us to recognise and address the challenges that arise with AI, but the burden cannot rest on individuals alone. Organisations, regulators and policymakers must invest in upskilling, governance and collective frameworks so that AI adoption strengthens public trust and ensures decisions remain anchored in ethical judgment.”
Tracy Vegro, chief executive at CISI, added: “This report and its global frame of reference confirms the critical link for our sector between skills, governance and trust in supporting an ethical AI ecosystem.
“Technology and trust must go hand in hand, and ethical frameworks are essential for AI development, supported by sector-wide skills and training. This report confirms the key role of professional bodies such as the CISI and ACCA in ensuring professionalism, integrity and the building of confidence and trust for consumers.”
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